I, GEORGE W. BUSH, President of the United States of America, by the
authority vested in me by the Constitution and the laws of the United
States, including section 101(b) of Public Law 95-223 (91 Stat. 1625; 50
U.S.C. App. 5(b) note), hereby find that the continuation of the exercise
of authorities under the Trading With the Enemy Act (50 U.S.C. App. 1 et
seq.) (TWEA) with respect to North Korea, as authorized in Proclamation
2914 of December 16, 1950, most recently continued under Presidential
Determination 2007-32 of September 13, 2007 (72 FR 53407), and implemented
by the regulations set forth below, is no longer in the national interest
of the United States.

Section 1. The exercise of TWEA authorities with respect to North Korea,
which were implemented by the Foreign Assets Control Regulations, 31 C.F.R.
part 500, and the Transaction Control Regulations, 31 C.F.R. part 505, and
that were continued by Presidential Determination 2007-32 of September 13,
2007, is terminated, and Presidential Determination 2007-32 is rescinded
with respect to North Korea.

Sec. 2. The Secretary of the Treasury is authorized and directed to take
all appropriate measures within the Secretary's authority to give effect to
this proclamation.

Sec. 3. This proclamation is not intended to, and does not, create any
right, benefit, or privilege, substantive or procedural, enforceable at law
or in equity, by any party against the United States, its departments,
agencies, instrumentalities, or entities, its officers or employees, or any
other person.

Sec. 4. This proclamation is effective at 12:01 a.m. eastern daylight time
on June 27, 2008.

IN WITNESS WHEREOF, I have hereunto set my hand this
twenty-sixth day of June, in the year of our Lord two thousand eight, and
of the Independence of the United States of America the two hundred and
thirty-second.